Solana (SOL), often called the “ETH challenger” and preferred by institutional investors, experienced a notable recovery in the cryptocurrency market. Similar to other digital currencies, Solana saw investors withdrawing funds due to geopolitical uncertainties, leading to outflows last week.
The price of Solana currently stands at $144, marking a 5.2% rise over the past 24 hours. This uptick has helped lessen Solana’s weekly losses to 4%. In comparison, Bitcoin has experienced a 1.16% growth, while Ethereum managed only a minimal 0.5% increase during this period. Despite these gains, Solana has surpassed the performance of several leading cryptocurrencies in the market.
The price of Binance Coin (BNB) rose by 1.91 percent, whereas Dogecoin (DOGE) and Avalanche (AVAX) recorded gains of 2.17 percent and 1.50 percent respectively.
Why The Trend?
In recent times, Solana (SOL) has often grown faster than the market, drawing in investors to this particular asset. Last year alone, SOL surged over 900% due in large part to increased institutional investment in its offerings. Institutional investors play a significant role in Solana’s outperformance compared to other assets.
Last year, investments in Solana’s products experienced consistent growth, whereas other non-Bitcoin assets reported decreases. This trend made Solana a preferred choice among institutional investors. Additionally, the asset has seen an increase in value due to high network activity throughout its ecosystem.
In spite of past network troubles, Solana has persisted in drawing in developers and users to its blockchain due to the surge of decentralized finance (DeFi) applications. The tenacity of Solana’s community is a significant factor propelling it beyond other smart contract networks.
Solana Memecoins Adds to the Frenzy
In the first quarter of 2024, the value of Solana’s memcoins surged, leading to debates within the community due to significant inflows that outpaced competitors. The market capitalization for these memcoins on the Solana network was reportedly $6.5 billion, marking a 14% rise as of the current news update.
The values of Dogwifhat and BOME have risen by 17% and 10% respectively. Solana memecoins have rebounded due to the Bitcoin halving event. As the broader market experiences growth, investor interest in memecoins increases, resulting in significant price fluctuations.
The price movement of Solana’s memecoin often influences trading in the ecosystem. Notably, last week both memecoins and cryptocurrencies experienced forced sales (liquidations).
Crypto Assets Recover Hours To Bitcoin Halving
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2024-04-20 01:19